Jim O’Neill, a powerful economist who once worked at Goldman Sachs, inadvertently laid the groundwork for such a global economic pact. In 2001, then finance minister, he came up with the acronym “BRICS.” The BRICS grouping of Brazil, Russia, India, China and later South Africa. Over the past twenty years, they have emerged as a powerful force, economically and politically, in the world. O’Neill shared some of his experiences and surprising path with BRICS in a recent conversation with Megan Jones.
Following the September 11 attacks in 2001, O’Neill wrote a now-famous report on how the U.S. should focus its attention on future economic superstars. At that time, he boldly predicted that his BRICs — Brazil, Russia, India and China — would develop to become indispensable engines of growth in the global economy. Throughout this process, he came to realize the power of the acronym BRIC. As the group grew momentum, he grew it to include South Africa.
O’Neill said he was shocked when he learned that close to 25 years later, conversations about BRICS are still going strong. At first, he didn’t expect his spontaneous thought would turn into an international movement. The first BRICS summit began in 2009. For member countries, this event was a groundbreaking experience as their countries came together in solidarity to address economic and political turmoil.
Now in its fifteenth year, BRICS has nearly tripled in size, from its original four members to eleven countries. This growth is not a surprise, as it mirrors the recognition that these nations are fast becoming important pillars of the global economic power structure. O’Neill noted that the initial group took his concepts and built upon them, leading to a robust coalition that actively shapes international policies.
In the wake of U.S. President Donald Trump’s tariff threats on steel and aluminum imports, BRICS has taken on a newfound relevancy. This milestone development underlines the importance of BRICS to today’s geopolitical discourse and economic realignment. The collaboration among member nations remains crucial as they navigate the complexities of global trade and diplomacy.